CapitaLand takes stake in Shanghai development

Insideretail.Asia 19 June 2013
CapitaLand has acquired a 70 per cent stake in Shanghai Guang Chuan Property for 1.95 billion yuan (US$318 million).
A wholly-owned subsidiary of Shanghai Shentong Metro Assets Management (Shentong Assets), Shanghai Guang Chuan Property owns a prime site in Hanzhonglu, Zhabei District, Shanghai which will be developed into a mixed-use development comprising residential, office and retail components.
The office and retail use will have a gross floor area of 74,945 sqm while the residential use will have a GFA of 30,096 sqm.
The project will commence in 2015 and is expected to be completed by 2017.
CapitaLand says it is its first partnership with Shentong Assets.
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